业内人士表示，这与去年以来A股市场的强劲表现和各方对市场的信心愈发充足有着密切关系。 值得注意的是，今年以来，行业头部效应显著。在发行产品的基金管理人中，中欧基金以5只产 品、76.70亿元规模居首，万家基金、中银基金则以48.93亿元、35.49亿元的成绩紧随其后。头部公司凭 借品牌与投研优势，单只产品平均规模达15.34亿元，显著高于行业均值的8.57亿元。中小机构则聚焦细 分领域，如东财基金（5.57亿元）、中航基金（2.40亿元）通过主题基金实现差异化突围。 展望节后市场，博时基金认为，春节期间海外股市表现稳中有进，春节前市场担忧的风险因素在假 期期间基本没有发生。同时，春节期间出行、餐饮消费表现旺盛。 宏利基金权益投资部执行总经理李坤元认为，海外方面，今年美联储降息预期较强，全球将进 入"降息+流动性宽松"局面，整体对权益类资产有利；同时，国内各项经济指标好转，企业盈利明显改 善，将对A股市场形成有利支撑。在她看来，随着2026年企业盈利企稳、PPI改善、外资回流，高质量 风格（高ROE标的、行业龙头）风格有望回归。李坤元表示，宏利基金新发产品将聚焦于"科技成 长"与"中国优势"两大核心主线。一是A ...

近日，证监会发布了《关于核准中信证券股份有限公司变更业务范围的批复》，核准中信证券变更业务 范围，将"融资融券"变更为"融资融券（限广东省（深圳市除外）、广西壮族自治区、海南省、云南 省、贵州省、山东省、河南省、浙江省天台县、浙江省苍南县以外区域）"。中信证券应当平稳做好后 续工作，确保客户合法权益不受损害。与此同时，深圳证监局也发布了《关于核准中信证券股份有限公 司变更经营证券期货业务范围的批复》。 点评：此次业务范围变更标志着监管层对两融业务差异化管理的深化。对中信证券而言，区域限制虽短 期影响业务拓展空间，倒逼其优化风控体系。两融板块受此波及，行业分化格局加剧，中小券商或面临 重塑竞争策略。整体来看，此举措精准把脉市场风险，利于股市生态的长期净化与稳健运行。 ｜2026年2月24日星期二｜ 点评：东北证券股权转让因审计保留意见受阻，凸显券商股权变更的合规门槛。亚泰集团财务整改存 疑，交易不确定性陡增，或引发市场对相关方治理能力的担忧。此事件提醒投资者，在并购重组题材 中，需警惕财务与合规隐患，短期市场情绪可能面临波动与重新定价。 NO.1中信证券业务发生变更 NO.2东北证券股份转让迎最新进展 东北证券 ...

Core Viewpoint - The upcoming opening of the A-share market is expected to be influenced by significant capital inflows and key industry trends, particularly in technology growth and Chinese advantages. Group 1: Market Dynamics - Over 900 billion yuan of incremental capital is set to enter the market, primarily from stock ETFs and newly established active equity funds that have yet to build positions [4] - The core investment themes for the year are identified as technology growth and Chinese advantages, which are crucial for institutional investors' strategies [4] Group 2: Technology Growth - OpenAI is reportedly finalizing a financing round exceeding 100 billion dollars, which will elevate its valuation to over 850 billion dollars, indicating a strong push towards an IPO [5] - Domestic companies like Huagong Technology are experiencing high demand for AI optical modules, with orders extending into Q4, reflecting robust growth in the AI supply chain [6] - The storage chip market is expected to see price increases throughout the year due to strong demand from AI clients, as indicated by SK Hynix's forecasts [6] Group 3: Chinese Advantages - UBS has raised its gold price target to 6,200 dollars per ounce, driven by geopolitical risks and expectations of interest rate cuts by the Federal Reserve, which are favorable for gold as a long-term asset [7] - The lithium sector is gaining attention, with UBS predicting a new super cycle for lithium prices due to stable demand from electric vehicles and explosive growth in energy storage [8] Group 4: Investment Opportunities - Two new stocks are set to open for subscription next week, with companies showing consistent revenue and profit growth, presenting potential investment opportunities [8] - The Hong Kong market has seen significant capital inflows despite a decline in the Hang Seng Technology Index, indicating potential value in undervalued stocks [9] - Recent changes in U.S. trade policy may impact global trade dynamics, particularly affecting export-related sectors [9] Group 5: Strategic Recommendations - The primary investment focus should be on companies with solid earnings support and reasonable valuations, avoiding those with only speculative narratives [10] - Investors are advised to monitor the actual flow of funds in the market before making investment decisions, especially with the influx of new capital [10]

Core Viewpoint - The report from Zheshang Securities indicates that the A-share market is currently experiencing its first "systematic slow bull" since 2005, driven by improved risk appetite and declining risk-free interest rates, alongside China's rise and advantages [1][3]. Historical Context - Since the initiation of the stock reform in April 2005, the A-share market has undergone four bull markets, with the first three being "systematic bull markets" characterized by steep upward slopes, while the fourth was a "structural bull market" with a gentler slope. The fifth bull market is expected to commence in 2025 [2]. Macro Factors - The combination of enhanced risk appetite and declining risk-free interest rates is fostering a "systematic bull market." Key factors include supportive policies, a stable response to trade tensions, and recognition of China's military capabilities. Additionally, the significant drop in risk-free interest rates is likely to attract new capital into the A-share market [3]. Technical and Quantitative Factors - The report highlights four key factors supporting the "systematic slow bull": the stable appreciation of the RMB against the USD, the upward trend of the Shanghai Composite Index, the "rolling peak" structure of the index, and the divergence in sector performance, indicating a unique "systematic slow bull" [4]. Investment Recommendations - The investment strategy suggests a "1+X" allocation approach focusing on "big finance + broad technology" to enhance success rates, while also considering undervalued real estate and engineering machinery for higher returns. Additionally, it recommends focusing on innovative pharmaceuticals and renewable energy with external advantages, as well as banks that serve as defensive "ballast" [5].